U.S. futures have relinquished overnight gains as G-7 finance ministers schedule an emergency meeting to address growing concerns over Spain's debt crisis.
The June S&P 500 futures are down 4 points, or 0.31 percent, to 1269 as of this writing. The June Nasdaq 100 contracts are down 6.50 points, or 0.25 percent, to 2462.75.
Despite yesterday's late-afternoon rally, euro/dollar futures remain the catalyst for a weak tape as they lose 0.6 percent against the dollar today. The euro is trading for 1.2417, slightly above support of 1.24 and its multi-year low of 1.2288.
European exchanges are lower, led by a 1.14 percent drop in the U.K. FTSE 100 and a 1.05 decline in the German DAX after Chancellor Angela Merkel stated that large banks within the Eurozone needs more supervision.
Crude oil lower by 0.46 percent to 83.59 after trading as high as 84.92 late yesterday. Gold futures are are slightly higher at 1619, while silver is up 0.9 percent to 28.26. Copper futures are down 0.62 percent to 3.2865, just above support of 3.28.
Asian indexes, which are often correlated with the price of copper, bucked that trend overnight as they traded higher. Japan's Topix, which recently entered bear-market territory, surged 1.83 percent as the Nikkei 225 rose 1.04 percent. Hong Kong's Hang Seng index was up 0.4 percent.
In company-specific news, Starbucks is trading lower in the pre-market after announcing late yesterday that it is purchasing San Francisco-based bakery chain La Boulange for $100 million.
JP Morgan traded into a new 2012 low of in early morning trading.
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